What is the synthetic economy?. Traffic news duiih the new era of digital

The use of virtual currencies

When Internet go online get a new way to communicate, we enter in the era of Digital information, where the ability to communicate and interact with ours or even strangers became much more easy.

The irony is that the vast majority of people in the world don't realize the power that we have before us, a power that allows us to project us like never before, to gain money or educate us.

In the case of other virtual worlds, and social networks are are becoming small economies that already move more than one billion dollars online.

Games like World of Warcraft and networks like Facebook or Twitter are generally free to the user, but its members increasingly spend more money on items and virtual services to often be paid in currencies that exist only on the Internet.

Experts highlighted that these sites have become virtual economies that billed more and more money as users spend more time on them.

What is the synthetic economy?

Let's start then with definitions. A virtual economy (or synthetic
economy) is an emergent economy existing in a persistent virtual world,
usually in the context of an Internet game. People enter these worlds
recreacionalmente, not out of necessity, however some people (ever more)
interact between if aiming at a "real" economic benefit.

These worlds exist requires some qualities set out for the first time by the principal theorist on the subject Edward Castronovo.

1 Persistence. The software keeps a record of the State of the world and
of resources and possessions of the players, regardless of who the
player is connected.
2. The shortage. Users should spend real resources such as time and money to obtain the goods or services in the synthetic world.
3 Specialization. The availability of resources for players must vary.
For example a participant may have blacksmith skills while others do not
and if you want to the first products, will have to pay for them. This
unequal distribution of skills translates into a comparative advantage
emerge very complex and subtle relationships and thus appears the
Division of labour in the game.
4 Trade, users must be able to transfer goods and services in and among if.the new era of digital economy
5. Proprietary rights. The world must inventory goods and services
correspond to identity of user, and the code should allow the user have
the good or the service concomitantly.

Digital currencies in circulation

The use of virtual currencies it is spreading very fast. Bitcoins for
example which is an electronic currency, created by a Japanese student,
that allows making transactions over the internet. According to experts,
it is the future in digital commerce.

The bitcoins were created two years ago by Satoshi Nakamoto, a young
Japanese man expert in computer science, as an alien governmental
controls or central banks currency.

Currently works as a digital currency accepted by some online businesses
and users that also have to carry out transactions on the web. It can
be negotiated in exchanges such as Mtgox.com, or sites for real money.

It is estimated that they there are around 6.5 million of bitcoins in
circulation and according to experts in e-commerce, could be "the
future" in transactions digital, even replacing the real money in the
coming years.

According to own Bitcoin page referring to the issue of security, "the
currency contains the public key of its owner." When that currency is
transferred from user A to user B, A adds the public key of B to the
currency and the firm with its own private key. Now B owns the currency
and you can transfer if wish you. "To prevent A to transfer the used
currency to another user C, a public (but anonymous) list of previous
transactions made by the nodes of the Bitcoin network, and before each
transaction verifies that the currency has not previously been
transferred".

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The network already moves very large quantities of bitcoins. According
to the University of Indiana, users spent last year billion dollars in
this type of Exchange, while for the 2013 expected revenues from the
sale of virtual currencies reached $ 6 billion only in United States.

In fact, in addition to as means of buying and selling online, bitcoin
is becoming also investment alternative. More advanced agents have
already made the first test in the new currency investments and the
evolution of its listing has been upward, punctuated by some that
another swing of different importance.

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